Li Xiting

Li Xiting (Chinese: 李西廷; pinyin: Lǐ Xītíng; born 1951) is a Chinese-born Singaporean billionaire business magnate and philanthropist. He is the co-founder, president and co-CEO of Mindray, China's largest medical equipment manufacturer.[1][2]

In this Chinese name, the family name is sting.
Li Xiting
李西廷
Born1951 (age 71–72)
Dangshan County, Suzhou, Anhui, China
CitizenshipSingapore (2018–present)
China (1951–2018)
Alma materUniversity of Science and Technology of China (BA)
Occupations
  • Entrepreneur
  • philanthropist
Years active1991–present
TitleCo-founder, president and co-CEO of Mindray

Early life and education

Li was born in a rural village of his family name in Dangshan County in Suzhou, Anhui, China in 1951.[3][4]

Li graduated from the University of Science and Technology of China with a bachelor's degree in low temperature physics.[5]

Career

Between 1976 and 1987, Li worked as a researcher assisting scholars at institutes in Wuhan, Hubei and France, where he was a visiting scholar at Paris-Sud University in the early 1980s.[5][4]

Li's first attempt at entrepreneurship was at Shenzhen Anke High-tech Company in Shenzhen, Guangdong, a partially state-owned enterprise set up by the Chinese Academy of Sciences (CAS) in the 1980s. The company would arguably become China's very first home-grown developer of medical devices, and launched the nation's first magnetic resonance imaging (MRI) scanner in 1989.[3]

Li founded medical equipment manufacturer Mindray in Shenzhen 1991 with Xu Hang and Cheng Minghe (成明和).[4]

Li secured Mindray's first contract, a 360,000-yuan sale, at a medical equipment convention in the 1990s.[3][5]

Mindray listed on the New York Stock Exchange in 2006, raising US$270 million.[3]

In 2016, Li and the other two co-founders of Mindray took the company private in US$1.9 billion deal.[6][7]

Li moved to Singapore, and became a naturalised citizen in 2018.[3]

During the COVID-19 pandemic, it was estimated that Li's net worth was increasing by US$1 billion every month as Mindray's stock price increased due to high demand for ventilators.[8][9]

In April 2021, Forbes estimated Li's net worth to be US$21.5 billion, making him the richest man in Singapore.[1]

References
  1. "Li Xiting". Forbes. Retrieved 2021-08-06.
  2. "Bloomberg Billionaires Index". www.bloomberg.com. Retrieved 2021-08-06.
  3. "Li Xiting is on 10-hour days to grow Mindray into a Top 3 devices maker". South China Morning Post. 2021-06-05. Retrieved 2021-08-06.
  4. "Singapore tycoon is US$1 billion richer every month as ventilators sell out". South China Morning Post. 2020-04-24. Retrieved 2021-08-06.
  5. Feng, Venus (2019-05-05). "A new billionaire and eightfold spike in value: magic of listing in China". Business Standard India. Retrieved 2021-08-06.
  6. Beilfuss, Lisa (2015-06-04). "Mindray Medical Executives Propose Taking Company Private". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-08-06.
  7. "China's Mindray Completes U.S. Delisting After $1.9 Billion Deal". www.bloomberg.com. Retrieved 2021-08-06.
  8. "Billionaire plots Mindray's rally in golden decade for China health care". South China Morning Post. 2021-06-07. Retrieved 2021-08-06.
  9. "How COVID-19 is making a Singapore businessman richer by $1 billion monthly". The Week. Retrieved 2021-08-06.
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